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The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001
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Limitations on exemptions for small and medium-sized groups
12. In subsection (2) of section 248 of the Act (exemption for small and medium-sized groups), for paragraphs (b) to (d) substitute—
“(b)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or
(c)a person who carries on an insurance market activity.”.
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